The FMLC has sent a letter detailing the issues of legal uncertainty which arise in relation to insurance business in the context of Brexit. The letter draws attention to the uncertainties in identifying whether and when an insurer is providing services in another Member State, which is the subject of in-depth consideration in a previous paper. The letter also states that this question is vital to U.K. (re)insurers which are applying under Part VII of FSMA 2000 to transfer certain contracts to entities established in E.U. Member States. The FMLC requests that HM Government raises the need for further guidance on this issue with the European Commission and provides similar guidance to foreign firms which might want to access the U.K. market after Brexit.
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